Necessity of business plan

Necessity of a business plan in the business world.
More effective business plans are the dynamic documents that run in parallel with business.

A start of a business:

• Turn your idea and capital in a sustainable business
• Secure finances from moneylenders and investors
• Identify the strengths and weaknesses, threats and opportunities ( SWOT analysis)

Management of startup businesses:

• Communicate about your vision with employees and internal sides
• Develop strong financial predictions
• Compare actual performance to the one planned

Business Growth:

• Secure finances for growth or expanding
• Create a strategy for growth management
• Earn from opportunists and remove the risks

Exit Strategy:

• Develop a plan for exit; sell or close the business
• Have a deadline for transition process
• Identify financial needs and regulatory ones